A severely damaged Ferrari, which caught fire during a race in the 1960s, has been sold for an astounding £1.5 million.
While other similar models in good condition are valued at approximately $60 million, this wrecked 1954 Ferrari 500 Mondial Spider Series I still managed to fetch a substantial price.
The car, one of only 13 built with the Pininfarina spider framework, suffered its fiery fate during a race in the 1960s.
The remains of this historical vehicle were left untouched for nearly four decades until a 2004 hurricane ravaged the barn in which it was stored alongside 19 other Ferraris.
Despite its ruined state from the fire, the wrecked Ferrari still possesses its original chassis plate, gearbox, rear axle corners, and its 3.0-liter Tipo 119 Lampredi inline-four engine.
Monterey Car Week witnessed the sale of this fire-damaged treasure to a collector based in Monterey, California.
Part of the “Lost and Found Collection,” this Ferrari was among 19 other cars from the same collection that were put up for sale.
The buyer of the wrecked Ferrari reportedly intends to restore it to its former glory so that it can once again take part in races. This decision comes as no surprise, considering the strong interest in restoring classic race cars.
In another significant auction event, Sotheby’s in New York is preparing to auction a 1962 250 Ferrari GTO with an estimated value of $60 million. This rare model, one of just 34 ever produced, is highly sought after by classic car enthusiasts.
The upcoming auction marks a momentous occasion as this GTO model was once raced by Ferrari’s own team, Scuderia Ferrari.
The car’s historical significance adds to its allure among collectors, as explained by Gord Duff, head of global auctions for RM Sotheby’s.
Interestingly, the 1962 Ferrari GTO was initially sold for a mere $6,000 in 1964, equivalent to around $59,000 today. In 1985, it changed hands for about $500,000, which translates to approximately $1.4 million in today’s currency.
The buyer at that time, a 75-year-old Ohio resident named Jim Jaeger, revealed that he had been on the hunt for the ultimate Ferrari during the 1980s and realized that the GTO was the pinnacle of his desires.
Via Firstpost World Latest News https://ift.tt/NLwqJm1
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